EURGBP trying to break the Support zone of the Descending Triangle

EURGBP Analysis

EURGBP has formed a descending triangle pattern in the weekly time frame chart.

Now, EURGBP is trying to break the strong support zone of the descending triangle. Let’s wait for the confirmation of breakout for entering long term sell trade on EURGBP.

European Central Bank ECB

Euro remains lower as Rate cuts possible in next meeting as ECB said. As ECB President Lagarde said that there is still more room for rate cuts.

For Cost-benefit analysis, ECB plans to cut interest rates to strengthens Euro and this is hinted by ECB Governing Council member Klaas knot.

And due to these Investors expecting further lower rate cuts.

rate cuts happening in central banks

UK Pound remains lower as Domestic data weaker plays and Covid-19 pandemic lockdown worries continued in the UK.

And the Vaccinating is in good progress may be expected to release lockdown in Feb End as UK PM said earlier.

Euro rate cuts for squeezing Strength of Euro and this decision viewed by ECB will drag Euro against UK Pound.

And also the US Dollar is stronger and pulling UK Pound lower as in a few weeks.

The second wave of Covid-19 impacted more in European Union countries.

Federal reserve building in Washington DC

And in the latest US FED  report, there will be no changes in monetary policy.

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